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SunPower (SPWR) Q1 Loss Narrower Than Expected, Sales Top
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SunPower Corp. incurred first-quarter 2018 adjusted loss of 20 cents per share, which came in narrower than the Zacks Consensus Estimate loss of 34 cents. In the year-ago quarter, the company reported loss of 36 cents per share.
Excluding one-time adjustments, the company incurred a GAAP loss of 83 cents per share, narrower than the year-ago loss of $1.58.
Operational Results
During the quarter, SunPower reported adjusted revenues of $399 million, surpassing the Zacks Consensus Estimate of $340 million by 17.3%. However, the reported revenues declined 7.1% from the year-ago figure of $429.5 million.
Total operating expenses were up 47.7% to $144.3 million due to higher restructuring expenses and impairment of residential lease assets.
SunPower Corporation Price, Consensus and EPS Surprise
SunPower had cash and cash equivalents of $260.7 million as of Mar 31, 2018 compared with $435.1 million as of Dec 31, 2017.
Long-term debt was $431.7 million as of Mar 31, 2018 compared with $430.6 million as of Dec 31, 2017.
In the first quarter, net cash outflow from operating activities was $233.3 million against cash outflow of $126.9 million in the year-ago quarter.
Guidance
The company expects adjusted revenues in the range of $375-$425 million for second-quarter 2018. Adjusted gross margin is estimated to be in the 6-8% range. The company expects to deploy 350-380 megawatts in the quarter.
SunPower continues to anticipate adjusted revenues for 2018 to lie in the range of $1.8-$2.2 billion.
First Solar (FSLR - Free Report) reported first-quarter 2018 earnings of 78 cents per share, surpassing the Zacks Consensus Estimate of a loss of 5 cents.
Enphase Energy (ENPH - Free Report) reported first-quarter 2018 loss of a penny, which came in narrower than the Zacks Consensus Estimate for loss of 3 cents.
Upcoming Solar Releases
Canadian Solar (CSIQ - Free Report) is scheduled to release 2018 first-quarter earnings on May 16. The Zacks Consensus Estimate for the quarter is pegged at 38 cents.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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SunPower (SPWR) Q1 Loss Narrower Than Expected, Sales Top
SunPower Corp. incurred first-quarter 2018 adjusted loss of 20 cents per share, which came in narrower than the Zacks Consensus Estimate loss of 34 cents. In the year-ago quarter, the company reported loss of 36 cents per share.
Excluding one-time adjustments, the company incurred a GAAP loss of 83 cents per share, narrower than the year-ago loss of $1.58.
Operational Results
During the quarter, SunPower reported adjusted revenues of $399 million, surpassing the Zacks Consensus Estimate of $340 million by 17.3%. However, the reported revenues declined 7.1% from the year-ago figure of $429.5 million.
Total operating expenses were up 47.7% to $144.3 million due to higher restructuring expenses and impairment of residential lease assets.
SunPower Corporation Price, Consensus and EPS Surprise
SunPower Corporation Price, Consensus and EPS Surprise | SunPower Corporation Quote
Financial Position
SunPower had cash and cash equivalents of $260.7 million as of Mar 31, 2018 compared with $435.1 million as of Dec 31, 2017.
Long-term debt was $431.7 million as of Mar 31, 2018 compared with $430.6 million as of Dec 31, 2017.
In the first quarter, net cash outflow from operating activities was $233.3 million against cash outflow of $126.9 million in the year-ago quarter.
Guidance
The company expects adjusted revenues in the range of $375-$425 million for second-quarter 2018. Adjusted gross margin is estimated to be in the 6-8% range. The company expects to deploy 350-380 megawatts in the quarter.
SunPower continues to anticipate adjusted revenues for 2018 to lie in the range of $1.8-$2.2 billion.
Zacks Rank
SunPower currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Solar Releases
First Solar (FSLR - Free Report) reported first-quarter 2018 earnings of 78 cents per share, surpassing the Zacks Consensus Estimate of a loss of 5 cents.
Enphase Energy (ENPH - Free Report) reported first-quarter 2018 loss of a penny, which came in narrower than the Zacks Consensus Estimate for loss of 3 cents.
Upcoming Solar Releases
Canadian Solar (CSIQ - Free Report) is scheduled to release 2018 first-quarter earnings on May 16. The Zacks Consensus Estimate for the quarter is pegged at 38 cents.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>